Melius Raises Nvidia’s Price Target to $320

Melius analyst Ben Reitzes raised on November 20, 2025, the price target on Nvidia to $320 (from $300) while maintaining a ‘Buy’ rating on the stock.

“Here’s what we think matters most:

1. The world’s largest company is re‑accelerating off of huge figure into FY27 (multiple expansion‑like words there).
2. The disclosure of $500B+ in Blackwell/Rubin orders through CY26‑end means that there is ~$350B of Data Center revenue visibility right now over the next 5 quarters (street was at just ~$335B). These orders are really much higher since new Sovereign and Anthropic orders are incremental to the figure.
3. CEO Jensen Huang reiterated a Data Center Capex that grows to $3‑$4T by the end of the decade (backing our $2T Nvidia 2030 TAM for compute/networking), which is the key in terms of keeping long‑term revenue at a 40%+ CAGR. AND
4. Gross margins expanded by 90bps q/q to 73.6% and slated to expand 140bps further in F4Q26 to 75% and stay that way in FY27.

Revenue acceleration to 65%+ with this kind of margin at scale, benefiting from the greatest paradigm shift of my lifetime is worth more than ~25x next year’s EPS.

We reiterate our Buy rating and are still excited about Sovereign and hyperscaler demand driving upside from here.

We raise estimates again, raising Data Center growth figures (none from China) and increase our target to $320 from $300.

Note that TAM comments could portend to revenues eclipsing $900B by the end of the decade (vs. the current $260B run rate).”

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